Regulatory Alerts2019-12-10
Added · Updated
Circular on Mystery Shopping Exercise Regarding Bank Account Opening
The MFSA requires credit institutions operating in Malta to ensure branch representatives immediately provide accurate written and verbal information on bank account features, including the Payment Account with Basic Features (PABF), to all customers including foreign nationals. Institutions must provide adequate and ongoing training to staff, maintain updated IT systems and documentation, and ensure the Tariff of Charges is readily available in all branches. Credit institutions with five or more branches must offer the PABF to all customers, explain its correct eligibility criteria without imposing incorrect restrictions, and complete the application process within ten business days.
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